Digital-asset platform Bullish began trading on the New York Stock Exchange under the ticker BLSH after completing a US initial public offering that raised $1.15 billion, with all proceeds delivered in stablecoins. The deal is the first US IPO to settle entirely on-chain, marking a step toward integrating blockchain rails into mainstream capital markets. Most of the tokens—spanning USDCV, EURCV, USDG, PayPal’s PYUSD and Ripple’s RLUSD—were minted specifically for the offering, with the majority created on the Solana network and a portion on the XRP Ledger. Jefferies acted as the billing and delivery agent, while Coinbase is serving as exclusive custodian for the USDC and EURC balances. “We view stablecoins as one of the most transformative and widespread use cases for digital assets,” Chief Financial Officer David Bonanno said in a regulatory filing. The transaction follows Circle’s public listing earlier this year and underscores growing acceptance of regulated dollar-pegged tokens as a faster, cheaper alternative to traditional wire transfers in large-scale securities issuance.